Brunei Darussalam

Encouraging innovation in the industry and investing in its infrastructure, Brunei Darussalam has made information and communications technology (ICT) a pillar of its ambition to become a knowledge-based economy. However, hopes that a nascent software sector will boost the Sultanate’s export economy face strong competition from Asian rivals.

Burgeoning cooperation between the national airline and the tourism board – and the latter’s development of a master plan – are raising the prospects of Brunei Darussalam’s tourism sector realising its untapped potential. However, challenges remain, as the industry tackles a human resources shortage and attempts to broaden the Sultanate’s appeal from that of niche destination.

As the economy of resource-dependent Brunei Darussalam prepares for a future when its oil and gas reserves are depleted, policy makers are putting more emphasis on innovative areas of industry that aim to capitalise on the Sultanate’s heritage and culture.

To boost the quality of its education system, Brunei Darussalam has formed key partnerships with foreign governments and leading international institutions, as well as taken a leadership role in regional education.

As the Sultanate forges ahead with plans to improve air and road transport links with its neighbours as part of plans for regional growth, officials say the Sultanate’s domestic network is in equal need of attention.

Despite declining profits in 2011, Brunei Darussalam’s banks are looking forward to a period of financial stability and new products, as tighter lending rules put in place by the government have created a clean slate for new, better-regulated credit activity.